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A Surging Rupee Tripled Gold’s Global Loss in India as Silver Broke Down
Macro Snapshot: The Reserve Bank of India changed the domestic arithmetic before trading opened on 12 October. On 10 October it announced a special window to meet the entire daily dollar requirement of Indian Oil, Bharat Petroleum and Hindustan Petroleum directly from its reserves, taking a large block of import demand out of the spot market. The central bank also tightened rupee derivative rules, imposing a 20% Foreign Exchange Risk Reserve on eligible contracts above $2 million and barring the
A Surging Rupee Tripled Gold’s Global Loss in India as Silver Broke Down
Macro Snapshot: The Reserve Bank of India changed the domestic arithmetic before trading opened on 12 October. On 10 October it announced a special window to meet the entire daily dollar requirement of Indian Oil, Bharat Petroleum and Hindustan Petroleum directly from its reserves, taking a large block of import demand out of the spot market. The central bank also tightened rupee derivative rules, imposing a 20% Foreign Exchange Risk Reserve on eligible contracts above $2 million and barring the
Top News
Hallmarking Should Be Made Compulsary: WGC
New Delhi: A new report, Developing Indian Hallmarking – A roadmap for future growth, released today by the World Gold Council (WGC), finds that improvements to the hallmarking system in India are essential to a successful Gold Monetization Scheme (GMS). The report provides an in-depth assessment of the current Indian hallmarking system and a summary of international best practice methods.
Saurabh Gadgil Appointed Vice President of IBJA
Mumbai: Saurabh Gadgil, Chairman & Managing Director of P. N. Gadgil Jewellers has been appointed as the Vice President (VP) of India Bullion & Jewellers Association Ltd. (IBJA) for the West Zone. Mr. Gadgil will take over from Prithviraj Kothari, the former Vice President of IBJA and get hold of all the responsibilities and duties as the newly elected member
P.N. Gadgil Jewellers Bags Three National Awards
Mumbai: P. N. Gadgil Jewellers Pvt. Ltd won three awards at the ‘National Award for Marketing Excellence 2015’, recently held in Mumbai. The award ceremony was hosted by the World Marketing Congress and supported by CMO Asia. The award ceremony marked the magnanimous achievements of the brand under the categories ‘Emerging Brand Award’, for achieving astonishing heights, ‘Brand Revitalization Award’,
Frozen Lava Yields New Diamond Type
Moscow: The Russian Ministry of Science has claimed that scientists there have discovered a new type of diamond. According to a report in the Siberian Times, the diamonds were discovered in the frozen lava of the Tolbachik volcano, which is located on the Kamchatka peninsula in the Far East region of Russian. “The solidified lava of the Tolbachik eruption (2012–2013)
Gem Sells Letšeng’s 198 Ct Diamond For $10.6m
London: Gem Diamonds has racked-in $10.6 million from the sale of a 198 ct white diamond recovered end of July from its 70 percent-owned Letšeng mine, in Lesotho. It said in a brief statement emailed to Rough & Polished that the Type II, D colour diamond attracted a price of $53 746/ct. “The sale of this large, high-quality white diamond
Buddha Diamond Cut to be Exhibited at ADTF
Antwerp: Diamond manufacturers are always looking for ways to innovate and bring new and better products into the market. One of the roads well-travelled toward innovation is the introduction of a new diamond shape or cut. But while Antwerp has seen its share of newly introduced modified cuts, it is not often that we encounter something unusual such as the
Statement by E.G.L. Platinum
Ramat Gan: Menahem Sevdermish and Avi Meirom, the founding owners of the EGL Platinum laboratory, have issued the following statement in response to the RapNet and Polygon press releases, respectively distributed on September 9 and 15, 2014, regarding the delisting of EGL diamond certificates. EGL Platinum supports RapNet’s and Polygon’s intentions to sanction any laboratory that issues over-graded certification, undermining
Rare Pink Diamond Ring Snatched
Perth: On Sept. 27, a rare pink diamond ring worth $577,000 was stolen during a viewing day at an auction house, according to a statement from police in New South Wales, Australia. Local news reports say the pink and white diamond ring, which held a rare pink gem excavated from Australia’s Argyle mine, was snatched from a counter during a
